Oct 10 (Reuters) - Drugmaker Mallinckrodt on Tuesday received court approval for a bankruptcy plan that cuts $1 billion from the amount it owes to victims of the opioid crisis, cancels existing equity shares, and trims nearly $2 billion in other debt.

The Ireland-based company reached a relatively fast conclusion to its second Chapter 11, which began Aug. 28, just 14 months after its previous bankruptcy concluded.

U.S. Bankruptcy Judge John Dorsey approved the company's restructuring plan at a court hearing in Wilmington, Delaware. (Reporting by Dietrich Knauth Editing by Chris Reese)